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This JLL report compares office market trends in Milan and Rome with those of major European markets. The most active sectors in 2024 were technology, banking & finance, and professional services, which together accounted for over 60% of total take-up, in line with European trends. Milan reaffirms its role as the country’s primary economic hub, with demand driven by the most dynamic sectors of the business world, while Rome reflects its institutional role, with the public sector accounting for 67% of activity in the Central Business District (CBD). Location choices reveal clear strategies: law and financial firms prefer central areas for reasons of prestige and proximity to clients; professional services are more flexible in terms of location; while manufacturing and industrial activities are concentrated in the suburbs or the hinterland, where rents are lower and spaces are larger.

In Milan, the Duomo and Porta Nuova CBD areas remain the most attractive for the IT, banking, and legal sectors: over 90% of the space leased by law firms in 2024 is concentrated here, with average unit sizes under 500 square meters. New clusters are emerging in the suburbs, such as the life sciences sector, which in 2024 reached approximately 30,000 square meters of take-up, accounting for 8% of the total—an increase from the ten-year average of 20,000 square meters. Half of this demand is in the suburbs, particularly in the Segrate and Milanofiori areas, while areas such as Bicocca and MIND (Milan Innovation District) are establishing themselves as hubs for research, innovation, and pharmaceuticals, with the latter accounting for 47% of the sector’s take-up. Life science companies are adopting a dual strategy: operating in the suburbs but maintaining representative offices in the city center, willing to pay higher rents for visibility and proximity to institutional partners.

In Rome, demand is concentrated in the CBD and EUR districts, with the latter characterized by greater fragmentation of supply and a broader distribution of leasing needs. The presence of public institutions creates a distinct geographical hierarchy compared to Milan: the Public Administration dominates central areas, while IT and manufacturing favor the EUR for a balance between costs and accessibility. In both cities, sectoral concentration in prime areas exerts upward pressure on rents, which in Milan reach €740/sqm/year in the CBD and €720/sqm/year in Porta Nuova. The Lombard capital manages to partially offset the decline in vacancy rates thanks to the availability of new, high-quality properties, while in Rome, the rise in rents is primarily linked to the scarcity of modern spaces capable of meeting the standards demanded by the market.

Download the report here